- Bitcoin dominance fell under the support of an ascending triangle pattern.
- BTC’s price successfully tested a crucial support level in the last few days.
Bitcoin [BTC] has been facing setbacks for several days as it continued to struggle well under $60k. Meanwhile, its dominance also fell, which hinted at a rise in altcoins’ presence. But there was more to the story.
Bitcoin dominance looks concerning
AMBCrypto’s analysis of CoinStats’ data revealed that the Bitcoin dominance has been on a declining trend over the last seven days. At press time, the indicator had a value of 53%.
In fact, Sensei, a popular crypto analyst, posted a tweet highlighting a major development. As per the tweet, BTC dominance fell under a crucial support level of a rising triangle pattern, suggesting that BTC’s price might fall further in the coming days.
Source: X
Simultaneously, another prominent BTC indicator registered a massive decline. Axel, a famous crypto analyst, recently posted on X that Bitcoin’s Relative Strength Index (RSI) was dropping.
As per the tweet, the RSI has dropped to its lowest level since July of this year. For starters, a drop under 30% means that an asset is heavily oversold.
Though at first this looked bearish, a look back in the past revealed something bullish. A similar decline was seen in 2023. When BTC’s RSI dropped sharply last year, it indicated a market bottom.
This was the case as soon after the RSI dropped, BTC’s price gained upward momentum, which resulted in the last bull rally.
Source: X
Is BTC’s market bottom here?
AMBCrypto’s analysis of Glassnode’s data revealed that BTC’s price was already well below its market bottom. As per the Pi Cycle Top indicator, BTC’s possible market bottom was at $63k.
CoinMarketCap’s data revealed that at the time of writing, BTC was trading at $54,706.58 with a market capitalization of over $1.08 trillion.
Source: Glassnode
The good news was that after a week where BTC witnessed a nearly 5% price correction, the last 24 hours were in investors favor. This was the case as the king coin managed to push its price up marginally.
If the aforementioned datasets were true and the Pi Cycle Top indicator is to be believed, then the chances of BTC’s price falling further were low.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Therefore, AMBCrypto took a look at BTC’s daily chart to better understand what to expect from it. We found that BTC had successfully tested its support at $54k.
The Chaikin Money Flow (CMF) registered an uptick, suggesting that BTC might begin a recovery journey.
Source: TradingView
- Bitcoin dominance fell under the support of an ascending triangle pattern.
- BTC’s price successfully tested a crucial support level in the last few days.
Bitcoin [BTC] has been facing setbacks for several days as it continued to struggle well under $60k. Meanwhile, its dominance also fell, which hinted at a rise in altcoins’ presence. But there was more to the story.
Bitcoin dominance looks concerning
AMBCrypto’s analysis of CoinStats’ data revealed that the Bitcoin dominance has been on a declining trend over the last seven days. At press time, the indicator had a value of 53%.
In fact, Sensei, a popular crypto analyst, posted a tweet highlighting a major development. As per the tweet, BTC dominance fell under a crucial support level of a rising triangle pattern, suggesting that BTC’s price might fall further in the coming days.
Source: X
Simultaneously, another prominent BTC indicator registered a massive decline. Axel, a famous crypto analyst, recently posted on X that Bitcoin’s Relative Strength Index (RSI) was dropping.
As per the tweet, the RSI has dropped to its lowest level since July of this year. For starters, a drop under 30% means that an asset is heavily oversold.
Though at first this looked bearish, a look back in the past revealed something bullish. A similar decline was seen in 2023. When BTC’s RSI dropped sharply last year, it indicated a market bottom.
This was the case as soon after the RSI dropped, BTC’s price gained upward momentum, which resulted in the last bull rally.
Source: X
Is BTC’s market bottom here?
AMBCrypto’s analysis of Glassnode’s data revealed that BTC’s price was already well below its market bottom. As per the Pi Cycle Top indicator, BTC’s possible market bottom was at $63k.
CoinMarketCap’s data revealed that at the time of writing, BTC was trading at $54,706.58 with a market capitalization of over $1.08 trillion.
Source: Glassnode
The good news was that after a week where BTC witnessed a nearly 5% price correction, the last 24 hours were in investors favor. This was the case as the king coin managed to push its price up marginally.
If the aforementioned datasets were true and the Pi Cycle Top indicator is to be believed, then the chances of BTC’s price falling further were low.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Therefore, AMBCrypto took a look at BTC’s daily chart to better understand what to expect from it. We found that BTC had successfully tested its support at $54k.
The Chaikin Money Flow (CMF) registered an uptick, suggesting that BTC might begin a recovery journey.
Source: TradingView
I loved as much as youll receive carried out right here The sketch is attractive your authored material stylish nonetheless you command get bought an nervousness over that you wish be delivering the following unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike
clomid sale cost cheap clomiphene prices how to buy cheap clomid withou where buy generic clomiphene no prescription can i purchase cheap clomid pills can you buy clomiphene without insurance can i purchase cheap clomiphene for sale
The vividness in this piece is exceptional.
Palatable blog you have here.. It’s hard to espy elevated worth writing like yours these days. I truly comprehend individuals like you! Go through care!!
brand azithromycin – flagyl where to buy flagyl for sale
order rybelsus online cheap – cost semaglutide 14mg buy periactin 4 mg without prescription
order domperidone 10mg – domperidone canada buy cyclobenzaprine generic
inderal buy online – order inderal 20mg buy methotrexate generic
how to get amoxicillin without a prescription – combivent online order order ipratropium 100 mcg sale
buy zithromax 500mg generic – nebivolol where to buy order nebivolol for sale
order augmentin pills – atbioinfo where can i buy acillin
nexium pills – https://anexamate.com/ buy nexium 20mg pill
medex price – https://coumamide.com/ cozaar buy online
buy cheap generic meloxicam – https://moboxsin.com/ buy meloxicam 7.5mg
cheap deltasone 5mg – inflammatory bowel diseases deltasone 40mg brand
buy best erectile dysfunction pills – fast ed to take buy ed pills generic
buy amoxil – combamoxi amoxil online buy
buy diflucan without a prescription – https://gpdifluca.com/ fluconazole cheap
cenforce sale – cenforce 100mg pills cost cenforce 50mg
buy cialis with dapoxetine in canada – ciltad gn cialis for sale in canada
cialis 10 mg – canadian online pharmacy cialis how long before sex should i take cialis
purchase ranitidine online – online buy ranitidine 150mg pills
buy viagra cialis online – purple viagra 100 sildenafil 50
I couldn’t hold back commenting. Warmly written! online
This is the amicable of content I have reading. https://ursxdol.com/azithromycin-pill-online/
Thanks towards putting this up. It’s understandably done. https://prohnrg.com/product/priligy-dapoxetine-pills/
More posts like this would bring about the blogosphere more useful. stromectol combien de temps pour agir